CAAP: Argentina Rules

Research evidence excerpt

CAAP: Argentina Rules

Latin America | Infrastructure

CAAP EquityJulyResearch16, 2026

FLASH NOTECAAP: Argentina Rules

Argentina’s Jun-26 traffic data showed softer international traffic (CAAP’s RATING BUY

most profitable segment) and a further pullback in domestic flows. While the PRICE $25.23^

long-awaited rebalancing of CAAP’s Argentina concession (arguably the main PRICE TARGET | % TO PT $34.50 | +37%

catalyst for the stock) appears delayed by political rulings, recent indications 52W HIGH-LOW $30.50 - $17.36

pointed to broad alignment on the main contract terms. We continue to expect FLOAT (%) | ADV MM (USD) 19.2% | 5.09

the process to advance in the coming months and keep our Buy call on CAAP. MARKET CAP $4.2B

TICKER CAAP

Argentina’s international air traffic temporarily softened in Jun-26… CAAP’s main earnings driver ^Prior trading day's closing price unless otherwise noted.

remains international passenger traffic in Argentina, thanks to the US$57/pax tariff it charges. Data

from Argentina’s air regulator showed a 3% YoY drop in international traffic in Jun-26. This reflects

softer travel to neighbouring countries (flows into Brazil and Chile were down c10% YoY), partially

offset by increased traffic to the US. We see this as a temporary side effect of the World Cup and Exhibit 1 - Argentina - Air passenger traffic

expect international flows to pick up again in 2H26. evolution30% YoY

… and domestic traffic remains weak. Reduced activity by some low-cost carriers has been 20%10%

affecting Argentina’s domestic flows since April, and this, along with higher airfares, led to a 17% 0%

YoY drop in traffic in Jun-26. Given current oil prices, we expect domestic traffic to remain subdued -10%

through to the end of 2026. -20%-30%